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SCOTTSDALE, AZ-Three prospective buyers with an eye toward office condo conversion went head to head over Hayden Park, a 115,227-sf, class A office campus in North Scottsdale. Univest Development Group has emerged as the winning bid with a high offer of $22 million for the 10-building office park, brought to market by Chicago-based pension fund adviser, Capri Capital.

“This is truly one of the finest office parks in the metropolitan Phoenix,” says Steven Gonzalez, a senior investment associate with Marcus & Millichap Real Estate Investment Brokerage Co. “It is low density with plenty of parking and is architecturally unique.” Gonzalez, who teamed with Marcus’ Jamie Medress, tells GlobeSt.com that Hayden Park generated interest from 80 would-be buyers before receiving 12 solid offers during a 30-day run on the market. The 12-acre campus at the corner of Hayden Road and Shea Boulevard sold for $191 per and traded at a 6% cap rate. “This is one of the highest prices per sf for buildings of this vintage,” he says.

Built in 1986, Hayden Park was 81% occupied at the close of escrow or seven points below the marketwide average, according to CB Richard Ellis Inc. The park, with buildings averaging 11,500 sf apiece, has an average rent of $24.36 per sf, full-service. Condos in the area are selling for upward of $270 per sf, Gonzalez says.

“The price for the campus was bid up to a point that a traditional operator couldn’t afford it,” Gonzalez says. The deal’s sweet spot is the buildings are condo-ready without any renovation or upgrades.

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